Adani set to revive Mundra PVC project
Live MintMUMBAI : Adani Group has revived its investment plan for Mundra Petrochem Ltd, India’s largest polyvinyl chloride plant, with initial funding of ₹14,000-16,000 crore, after a four-month suspension of operations, two people directly aware of the development said. According to Adani Group’s latest plan, the group will seek an additional $2 billion for the Mundra project after fully utilizing the initial $2 billion sanctioned, the second person said. “The first disbursement amount from the sanctioned limit of domestic banks for Mundra is likely to come to Adani Group in the second week of June," the first person said. The group is banking on the Mundra Petrochem project, located on Adani Ports and Special Economic Zone Ltd’s land in Gujarat’s Mundra, to boost its operating profit over the coming years and lower its leverage.
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